10804, New Rochelle, NY

Home Equity and Home Prices in the 10804 Zip Code of New Rochelle, NY

There is no doubt that home equity is one of the most important assets a person can have. It gives people the ability to borrow money against their homes, pay off debts, and invest for the future. In addition, home prices are an important factor in determining a person's wealth. The zip code of 10804 has seen a significant increase in home equity and home prices over the past few years. This is likely due to several factors, including strong economic growth, low interest rates, and increasing demand from buyers and sellers.

According to Zillow®, as of January 2019, the median home value in the 10804 zip code was $1,085,000. This represents an increase of 9% over 2018 levels and 27% over 2017 levels. In addition, Zillow reports that as of January 2019 there were 590 homes for sale in this zip code – which is more than double the number of homes for sale at this time last year (269). These figures indicate that there is strong demand for housing in this area – both from buyers who want to purchase homes and from sellers who are looking to sell their homes quickly.

One reason why home values have increased so much in the 10804 zip code is because it has been one of New York's strongest economic areas over recent years. According to The Real Deal®, New Rochelle has seen "solid job growth" since 2016 – with employment growing by 2%. Additionally, The Real Deal reports that "the city's economy benefits from its proximity to Manhattan." This means that many people who work in Manhattan are also interested in buying or living near property here in New Rochelle. As a result, there is high demand for housing stock – both new construction units and existing homes – within this area.

Another factor contributing to increased home values within the 10804 zip code is low interest rates. Since 2010 (when rates first hit historic lows), mortgage rates have remained relatively low overall (although they have risen recently). This means that people who want to buy or sell a house can do so at a relatively affordable cost – even if they don't have any extra money saved up already. Additionally, because mortgage lenders typically require a down payment (of at least 20%), lower interest rates make it easier for people to get started on purchasing a house or refinancing their current mortgage agreement. As long as borrowers can afford their monthly payments (and meet other eligibility requirements), low interest rates make it more likely that they will be able to purchase or refinance a house within the 10804 zip code area."

Overall then10804 offers good opportunities when it comes too buying or selling your house!